Selected Disclosure of Investments

Objective of this reporting standard

This reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001. It applies when a superannuation entity had total assets of $50 million or more at the end of the most recent financial year for the entity at the time for reporting.[1] The trustee of such an entity must give APRA, on a quarterly basis, certain disclosures regarding the net market value and type of particular investments.

This reporting standard outlines the overall requirements for the provision of the required information to APRA. It should be read in conjunction with:

• Versions A and B of Form SRF 110.1 Selected Disclosure of Investments (Form SRF 110.1) and the instructions to each version of the form; and
• the Quarterly Reporting Requirements and General Instructions Guide

which are attached and form part of this reporting standard.

Purpose

1. Data collected in Form SRF 110.1 is used by APRA for the purpose of prudential supervision and by the Australian Bureau of Statistics for statistical purposes, including the compilation of the Australian Financial Accounts.

Application and commencement

2. This reporting standard will apply, from the date of registration of the reporting standard on the Federal Register of Legislative Instruments, to each trustee of a relevant registered superannuation entity, as defined by paragraph 3.

3. A superannuation entity is a relevant registered superannuation entity if:

(a) at the end of the most recent year of income (within the meaning of section subsection 10(1) of the SIS Act) of the superannuation entity at the time for reporting, it had total assets of at least $50 million; and

(b) at the end of the most recent reporting period for the entity, it was not:

(i) a small APRA fund;

(ii) a self managed superannuation fund; or

(iii) a single member approved deposit fund.

Note: For example, if a superannuation entity (other than one excluded by paragraph (b)) satisfied paragraph (a) at the end of its most recent year of income, but during the most recent quarterly reporting period its assets fell below $50 million, the trustee of that entity will still have to report under this reporting standard in respect of that reporting period.

Note: Part 2B of the SIS Act makes provision for the registration of superannuation entities. However, although it is expected that most superannuation entities covered by this reporting standard will become registered under Part 2B, either during or after the licensing transition period referred to in the SIS Act, it is not a requirement of the definition of ‘relevant registered superannuation entity’ that a superannuation entity actually be registered under Part 2B. A superannuation entity will be a ‘relevant registered superannuation entity’ if it meets the definition in paragraph 3 of this reporting standard, even if it has not been registered under Part 2B. This note is inserted for the avoidance of doubt

Information required

4. The trustee of a relevant registered superannuation entity must provide APRA with the information required by Version A or B (as applicable) of Form SRF 110.1, in respect of the entity, for each reporting period.

Note: Version A of the form is to be completed in respect of a relevant registered superannuation entity that is not one of the 200 largest regulated superannuation funds by total asset size. Version B is to be completed in respect of a fund that is one of the 200 largest measured by total asset size.

5. For the avoidance of doubt, if the trustee is trustee of more than one relevant registered superannuation entity, the trustee must separately provide the information required by the relevant version of the form for each of those relevant registered superannuation entities.

Forms and method of submission

6. The information required by this reporting standard must be given to APRA by the trustee of a relevant registered superannuation entity either:

(a) where subparagraph (b) does not apply:

(i) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or

(ii) by manually completing Form SRF 110.1 on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales; or

(b) by means of an agent to whom the trustee has outsourced the function of providing the information on the trustee’s behalf, in which case the agent must provide the information:

(i) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application: or

(ii) if the agent has contacted APRA and advised that the agent cannot submit the information in electronic form under sub-subparagraph (i), by manually completing Form SRF 110.1 on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales.

Note: The ‘Direct to APRA’ software and relevant forms may be obtained from APRA.

Reporting periods and due dates

7. Subject to paragraph 8, the trustee of a relevant registered superannuation entity must provide the information required by this reporting standard in respect of each quarter based on the year of income (within the meaning of subsection 10(1) of the SIS Act) of the entity.

8. APRA may, by notice in writing change the reporting periods, or specified reporting periods, for a particular relevant registered superannuation entity to require the trustee to provide the information required by this reporting standard in respect of the entity:

(a) more frequently (if, having regard to the particular circumstances of the entity, APRA considers it necessary or desirable to obtain information more frequently for the purposes of the prudential supervision of the entity); or

(b) less frequently (if, having regard to the particular circumstances of the entity and the extent to which it requires prudential supervision, APRA considers it unnecessary to require it to provide the information on an annual basis).

9. The information required by this reporting standard must be provided to APRA within 25 business days after the end of the reporting period to which it relates.

10. APRA may grant a trustee an extension of a due date in writing, in which case the new due date for the provision of the information will be the date on the notice of extension.

Quality control

11. Information required under this reporting standard is not required to be audited or tested by the auditor of the superannuation entity.

12. The information provided by a trustee under this reporting standard must be the product of processes and controls developed by the trustee for the internal review and authorisation of that information. It is the responsibility of the trustee to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.

Note: The trustee of a superannuation entity is not required: (a) to digitally sign or authorise the information required by this reporting standard when provided electronically; or (b) to sign the form when submitting the information on paper.

Minor alterations to form and instructions

13. APRA may make minor variations to:

(a) a form that is part of this reporting standard, and the instructions to such a form, to correct technical, programming or logical errors, inconsistencies or anomalies; or

(b) the instructions to a form, to clarify their application to the form

without changing any substantive requirement in the form or instructions.

14. If APRA makes such a variation it must notify trustees of relevant registered superannuation entities in writing.

Transitional

15. If the due date for providing information in respect of a reporting period of a relevant registered superannuation entity is a day after the date of registration of this reporting standard on the Federal Register of Legislative Instruments, the trustee of that entity must provide the information required by this reporting standard in respect of that reporting period (even if the reporting period itself ended before the date of registration of this reporting standard).

Interpretation

16. In this reporting standard:

APRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998;

business day means an ordinary business day, exclusive of Saturdays, Sundays and public holidays;

due date means the relevant due date under paragraph 9 or, if applicable, paragraph 10;

officer in relation to a trustee of a relevant registered superannuation entity means:

(a) if the trustee is a corporation – a director or officer of that corporation;

(b) if the trustee is a natural person – that person; or

(c) if two or more natural persons are trustees of the entity – one of those persons;

regulated superannuation fund has the meaning given by section 19 of the SIS Act;

relevant registered superannuation entity has the meaning given by paragraph 3 of this reporting standard;

reporting period means a period mentioned in paragraph 7 or, if applicable, paragraph 8;

self managed superannuation fund has the meaning given by section 17A of the SIS Act;

single-member approved deposit fund means an approved deposit fund (within the meaning of subsection 10(1) of the SIS Act) that has only one member;

SIS Act means the Superannuation Industry (Supervision) Act 1993;

small APRA fund means a regulated superannuation fund that has fewer than 5 members and is regulated by APRA under the SIS Act;

superannuation entity has the meaning given by subsection 10(1) of the SIS Act.

Note: Subsection 10(1) of the SIS Act provides that superannuation entity means a regulated superannuation fund, or an approved deposit fund, or a pooled superannuation trust (as defined in the SIS Act).